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Home My WebLink About914453 51210 L" oD RECORDATION REQUESTED BY: FIRST NATIONAL BANK - WEST Alpine 100 Greys River Rd, P,O, Box 3110 Alpine, WY 83128 rn¡.1t":f8 '. ,) \~ f t WHEN RECORDED MAIL TO: FIRST NATIONAL BANK - WEST Alpine 100 Greys River Rd. P.O.Box3110 Alpine, WY 83128 RECEIVED 12/15/2005 at 10:18 AM RECEIVING # 914453 BOOK: 607 PAGE: 478 JEANNE WAGNER LINCOLN COUNTY CLERK, KEMMERER, WY SEND TAX NOTICES TO: FIRST NATIONAL BANK - WEST Alpine 100 Greys River Rd. P.O. Box 3110 Alpine, WY 83128 SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY MORTGAGE THIS MORTGAGE dated November 25, 2005, is made and executed between MARCIA A. SPURLOCK A MARRIED WOMEN (referred to below as "Grantor") and FIRST NATIONAL BANK - WEST, whose address is 100 Greys River Rd., P.O. Box 3110, Alpine, WY 83128 (referred to below as "Lender"). GRANT OF MORTGAGE. For valuable consideration, Grantor mortgages and conveys to lender all of Grantor's right, title, and interest in and to the following described real property, together with all existing or subsequently erected or affixed buildings, improvements and fixtures; all easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities with ditch or irrigation rights); and all other rights, royalties, and profits'relàting to the real. property, including without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property") located in LINCOLN County, State of Wyoming: LOT 75 OF THE TRAIL RIDGE SUBDIVISION THIRD FILING ACCORDING TO THE OFFICIAL PLAT THEREOF ON FILE IN THE OFFICE OF THE LINCOLN COUNTY CLERK IN KEMMERER, WYOMING. The Real Property or its address is commonly kno'^(n as LOT 75 OF TRAIL RIDGE SUBDIVISION, ALPINE, WY 83128. / Grantor presently assigns to Lender all of Grantor's right, title, and interest in and to all, present and future leases of the Property and all Rents from the Property. In addition, Grantor grants to Lender a Uniform Commercial Code security interest in the Personal Property and Rents. THIS MORTGAGE, INCLUDING THE ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE. THE RELATED DOCUMENTS, AND THIS MORTGAGE. THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: PA YMENT AND PERFORMANCE. Except as otherwise provided in this Mortgage,' Grantor shall pay to Lender all amounts secured by this Mortgage as they become due and shall strictly perform all of Grantor's obligations under this Mortgage, POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property shall be governed by the following provisions: Possession and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and control of the Property; (2) use, operate or manage the Property; and (3) collect the Rents from the Property. Duty to Maintain. Grantor shall maintain the Property in tenantable condition and promptly perform all repairs, replacements, and maintenance necessary to preserve its value. Compliance With Environmental Laws. Grantor represents and warrants to lender that: (1) During the period of Grantor's ownership of the Property, there has been no use, generation, manuf~cture, storage, treatment, disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from the Property; (2) Grantor has no knowledge of, or reason to believe that there has been, except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any Environmental laws, (b) any use, generation, manufacture, storage, tréåtment, disposal, release or threatened release of any Hazardous Substance on, under, about or from the Property by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any kind by any person relating to such matters; and (3) Except as previously disclosed to and acknowledged by Lender in writing, (a) neither Grantor nor any tenant, contractor, agent or other authorized user of the Property shail use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations and ordinances, including without limitation all Environmental Laws. Grantor authorizes Lender and its agents to enter upon the Property to make such inspections and tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of the Property with this se,ction of the Mortgage. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be construed to cre'ate' any responsibility or liability on the part of Lender to Grantor or to any other person. The representations and warranties contained herein are based on Grantor's due diligence in investigating the Property for Hazardous Substances. Grantor hereby (1) releases and 'waives 'any future claims against Lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other costs 'undiÙ'aliY 'such lðws; 'and (2) agrees to indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and ~xpenst¡s ,which Lender may directly or indirectly sustain or suffer resulting from a breach of this section of the Mortgage or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release occurring prior to Grantor's ownership Or interest in the Property,whether or not the same was or should have been known to Grantor. The provisions of this section of the Mortgage, including the obligation to indemnify, shall survive the payment of the Indebtedness and the satisfaction and reconveyance of the lier¡ of this Mortgage and shall not be affected by Lender's acquisition of any interest in the Property, whether by foreclosure or otherwisé(' . . . .:. . ;!, i, ,,¡', ;",: .!.: ì.. ','¡, "", ..., Nuisance, Waste. Grantor shall not cause, conduct or permit any nuisance nor commit, permit, or suffer any stripping of or waste on or to the Property or any portion of the Property. Without limiting thegêrÍ~r~lity (jf thefore'going,Grantor will not remove, or grant to any other party the right to remove, any timber, minerals (including :òil'and gi¡\¡j, 'coal;'t:lay; scoria, soli; griJliél Or rock products without Lender's prior written consent. '.; ;, , ;' Removal of Improvements. Grantor shall not demolish or remove any Improvements from the Real Property without Lender's prior written consent. As a condition to the removal of any Improvements, Lender may r¡¡quire Grantor to make arrangements satisfactory to lender to replace such Improvements with Improvements of at I~ast eq\lal, valul:j. ' lender's Right to Enter. lender and lender's agents and r~pr~~er¡tatives may enter upon the Real Property at all reasonable times to attend to lender's interests and to inspect the Real Property for'purpose's of.Òrantor's¡;ompliance vY'ith'the terms and conditions of this Mortgage. Compliance with Governmental Requirements. Grantor sh'al!' promptly comply wïth air laws, ordirìàn'ces, and regulations, now or hereafter in effect, of all governmental authorities applicable to. .the. use or occupancy of ,the Property, including without limitation, the Americans With Disabilities Act. Grantor may contest in good faith any sl,Jch; !a0, ordinance, or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Grantor has notified Lender in writing prior to doing so and so long as, in Lender's sole opinion, Lender's interests in the Property are not jeOpardized. Lender may require Grantor to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender's interest. Duty to Protect. Grantor agrees neither to abandon or leave unattended the Property. Grantor shall do all other acts, in addition to those acts set forth above in this section, which from' the character 'and Use of the Property are reasonably necessary to protect and preserve the Property. ~1"'1 /¿l -, ¡l1C3 ,'.'.,(" (1 ~:l.1 ~ U"Ji .1.."-;:. / nn"t'10 \.J d '1 t J Page 2 Loan No: 761001067 ".' -',' ,-' ". , TAXES AND LIENS. rhe following provisions relatingtothe,taxes and liens on the Property are part of this Mortgage: Payment. Grantor shall pay when due (and inall ev~ntspriur to delinqw¡ncy) ,¡ill taxes, payroll taxes, special taxes, assessments, water charges and sewer service charges levied against Pr,on<¡ccoLJntpf the Property"and shall pay when,d,ue all claims for work done on or for services rendered or material furnished to the Property, 'Grantor shall mai~tain the Property freè, of any liens having priurity over or equal to the interest of Lender under this Mortgage, except for thdse' 'Iiens"speciflcally agreedt'o in writing by Lender, and except for the lien of taxes and assessments not due as further specified in the Right to Contest paragraph, '" '" . I I.' . .' , Right to Contest. Grantor may withhold payment of any tax, ¡¡;;sessment,or claim in connection with a good faith dispute over the obligation to pay, so long as Lender's interest in the Property is not jeopardized., If a lien, arises or is filed as a result of nonpayment, Grantor shall within fifteen (15) days after the lien arises or, if a lien is filed, within fifteen (15) days after Grantor has notice of the filing, secure the discharge of the lien, or if requested by Leflder,depo$it with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender in an amount sufficient to discharge, the lien plus any custsand reai;;Onable attorneys' fees, or other charges that could accrue as a result of a foreclosure or sale under the lien, 'in any ~ontest, Grantor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement against tne Property, Grantor shall name Lender as an additional obligee under any surety bond furnished in the contest proceedings. Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidénce of payment of the taxes or assessments and shall authorize the appropriate governmental official to deliver to Lendel at ¡iny time a written 'statement of the taxes and assessments against the Property. Notice of Construction. Grantor shall notify Lender atle¡;¡st fifteen (15) days before any work is commenced, any services are furnished, or any materials are supplied to the Property, if any mechanic's lien', materialmen's :Iien, or other lien could be asserted on account of the work, services, or materials. Grantor will upon request of ~imde( furnish to Lendi3:, ¡¡dvançe assurances satisfactory to Lender that Grantor can and will pay the cost of such improvements. ' PROPERTY DAMAGE INSURANCE. The following provisions, relati~lg to in~uringtheProperty are a part of this Mortgage: Maintenance of Insurance. Grantor shall procure and mainta,in policies(¡f fire insurance with standard extended coverage endorsements on a replacement basis for the full insurable value coverin~ alllmþrc¡ven\ènts'on tre Real Property in an amount sufficient to avoid application of any coinsurance clause, and with a standard niortgagee. clquse ir favor 0.1 ,Lender, "GriJntor shall also procure and maintain comprehensive general liability insurance in such c0lo'era~e, amounts, as. Lender may {éq~est, wit~,Lender being named as additional insureds in such liability insurance policies, Additionally, Grantpr,sþall ,,(T1~intai,n'sych (JtherinSLlrance, including but not limited to hazard, business interruption and boiler insurance as lender may require, Poli~ies'shall be written b)/such insurance, companies and in such form as may be reasonably acceptable to Lender, Grantor shall delivç¡rto OLençJer"certifica'tes()fsóverage from each insurer containing a stipulation that coverage will not be cancelled or diminished withp\Jt a nÏi,nlm'um;Ófthirty qþ¡days,' prior 0ritten notice to Lender and not containing any disclaimer of the insurer's liability for failure to gives\lGh.not,lci3"Ea,9h in,s.u:ance,pplicy a:lsoshall .include an endolsernent providing that coverage in favor of Lender will not be impairedin any, Y'{a,y,~y"a,ny act,ofT)!s,sl(),n.or.~ef9ult,of Grantor or any other person, Should the Real Property be located in an area designated by the Dire.ctqr pf \he, Fedi3ral,Srrerge,nsy, t-,1anagi3ment f-gency as a special flood hazard area, Grantor agrees to obtain and maintain Federal Floodlfl$Urance¡, if available, for thÈdull unpaid principal balance of the loan and any prior liens on the property securing the loan, up to tþe maximumpolicy ,limits se¡t LJnder the National Flood Insurance Program, or as otherwise required by Lender, and to maintain such insurance forthe term of ,the, loan: " , Application of Proceeds. Grantor shall promptly nptify Lef]cjerof any 10,Ss or damage to the Property if the estimated cost of repair or replacement exceeds $1,000,00. Lender may make proo¡!òflòss it'Grar\tor fails to do so within fifteen (15) days of the casualty. Whether or not Lender's security is impaired, Lender may, at Lendér's, :election,' ,receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property. If Lender elects to apply the proceeds to restoratio[l and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a manner satisfuctory to Lender, Lender shall, upOn satisfactory proof of such expenditure, payor reimburse Grantor from the proceeds for the reasonable cost of repair or restoration if Gran,tqr i,$, nptin default uf)der U lis MortgagE;, Any prQceeds which have not been disbursed within 180 days after their receipt and which Le!1de~ 9~,sf)bi,com~itté? to thereP9\r~9ues!ÇJiat'iÇJ,f)()f theProperty shall be used first to pay any amount owing to Lender under this Mortgage, W~n t9i .Ray ,a~crue,d in.l~r~~t,anq tl~,e refT]éJinder, if any, shall be applied to the principal balance of the Indebtedness. If Lender holds anyprocee8$aft~rpaymentlr fulloUh~lndebtedn,ess, such proceeds shall be paid to Grantor as Grantor's interests may appear. ,.,:" lENDER'S EXPENDITURES. If any action or proceedinQ iSGomn;¡e[lcedtratvv,()lJld materia,IIy affect Lender's interest in the Property or if Grantor fails to comply with any provision of this Mortgage or an\(gelé\t~d, Dqcume¡nts" ,including but not ,liiT1ited to Grantor's failure to discharge or pay when due any amounts Grantor is required to discharge 9f.,payunder t~is Mortgage Qr<:II1Y ,Related Documents, Lender on Grantor's behalf may (but shall not be obligated to) take any action that Lender deems appropriate, if)çlu,dingbut not limited to discharging or paying all taxes, liens, security interests, encumbrances and other claims, at af1y,tirre levied ?r, pliJ'ced9n the PrÒp¡nty ,and paying all costs for insuring, maintaining and preserving the Property. All such expenditures incurred pr paid by Lender fpr suchpurposes will then bear interest at the rate charged under the Note from the date incurred or paid by Lender to the date of repaym~nt,by Gra'ntor, All such expenses will become a part of the Indebtedness and, at Lender's option, will (A) be payable on demand;' (S)' be adc!t:id to the balance of the Note and be apportioned among and be payable with any installment payments to become due during either ,( 1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable at the Note's maturity, The Mortgage also will secure payment of these amounts, Such right shall be in addition to all other rights and remedies to which Lender may be entitled upon Default. WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownershipof the Property are a part of this Mortgage: Title. Grantor warrants that: (a) Grantor holds good' a~d'ma~k~t'able title of reGor'd to, the Property in fee simple, free and clear of all liens and encumbrances other than those set forth in the RealPrÖþerty d~sçription, or ,if) a~ý)itle insurance policy, title report, or final title opinion issued in favor of, and accepted by, Lender in connection with this Mortgage, and (b) Grantor has the full right, power, and authority to execute and deliver this Mortgage to Lender. ,.,. '.", " " '...' ::,' Defense of Title. Subject to the exception in the paragr'aph ~bove,Gr¡¡ntor warrants' an'd will 'forever defend the title to the Property against the lawful claims of all persons. In the event any action or pr0c.fJecjing,isçommenced thatquestionsGrantor's title or the interest of Lender under this Mortgage, Grantor shall defend the action 'ßt Gianto(,s expense, Gr,antor'may be thenominal party in such proceeding, but Lender shall be entitled to participate in the proceeding ,¡mdto b~' repr.es¡mt'ed in the proceeding by counsel of Lender's own choice, and Grantor will deliver, or cause to be delivered, to L~nger~u¡;h¡f\stfuinents as' Lender rT1éJY request from time to time to permit such participation. " (.1; ',. " I . .~, "! . .: :- . ¡ ;:; . : ._; Compliance With Laws. Grantor warrants that the Pfc¡pe¡r~yancJGr,ant9r'sl.jseòf the Fr9perty complies with all existing applicable laws, ordinances, and regulations of governmental authoritie!i: ,'.' ',', " '...,.... ,...',' .,.-.....-" . .. '.. '-,' Survival of Representations and Warranties. All repr"sentations,warr¡lI1tie~,' ,an,çf agreements made by Grantor in this Mortgage shall survive the execution and delivery of this Mortgage, shall be,Cpntinuing in n¡¡ture, ancjshall remain in full force and effect until such time as Grantor's Indebtedness shall be paid in full. ' ";¡/' , , .' " , , CONDEMNATION. The following provisions relating to condemn~åti~n,¿r~èee.d¡ngS ~reaip~riof 'this Mo;tgage: Proceedings. If any proceeding in condemnation is filed, Gr'aritor shat¡'promptly notify Lender in writing, and Grantor shall promptly take such steps as may be necessary to defend the action,andoþtaiq tbe award.. ÇJrantor maybe,the nominal party in such proceeding, but Lender shall be entitled to participate in the proceedi~g ~nd)o'bé 'rePíes~~ted.!n thepioceeding by counsel of its own choice, and Grantor will deliver or cause to be delivered to Lender ~l.jchinstrumiJf)tkéJfl,(!9Pcl.!rn~ntation, a9 may be requested by Lender from time to time to permit such participation. ';, ,,' Application of Net Proceeds. If all or any part of the Property is' condemned byemjnent domain proceedings or by any proceeding or purchase in lieu of condemnation, lender may at its election require th~t àll or any' pòrtion of the net proceeds of the award be applied to the Indebtedness or the repair or restoration of the Property, The net þrqceed~ ofth~ aw¡¡rd .shall mean the award after payment of all reasonable costs, expenses, and attorneys' fees )nc.yrred by Lender iilConl)ectionw,íthtre çpndernnation. . ',',"'..':" _,"-, ...... ',' .",'".. .", ",. ,0 ¡ ,': " IMPOSITION OF TAXES, FEES AND CHARGES BY qQYEI1Ni'JENTÄlAL)THORITIES, The}oIlQ,^:ing provisions relating to governmental taxes, fees and charges are a part of this Mortgage: " ' , , , , Current Taxes, Fees and Charges. Upon requestby L~nder,. Grant.or st)allexecute, such d0c,uments in addition to this Mortgage and take whatever other action is requested by Lender to perfectandcontinu'elender:s li~n onlhe Real Property, Grantor shall reimburse lender for all taxes, as described below, together with aI!, expenses incJire'd if' recording, perfecting or continuing this Mortgage, including without Loan No: 761001067 , ' (, <~ /'y Ai C:;3 ~J ,,--j _L ·'ëi:. ~l! '-Íi IVIQRTGAGf (CqntIQued) , 'ì, (': 4 () 0 I,) U ·0 Page 3 . -.' . "- -',-,', ',- c-:· " .,", ¡ limitation all taxes, fees, documentary stamps, and othercha,rg~s forr,ecÓrding or r,egistering th,is Mortgage. Taxes. The following shall constitute taxes to which this~eètiòn' app'¡¡,es: '(1) a s¡)~ti'tic tax upon this type of Mortgage or upon all or any part of the Indebtedness secured by this Mortgage; (2), a 'sp\3cifictàx on Grantor which Grantor is authorized or required to deduct from payments on the Indebtedness secured by this type of,Mortgage; (3) ,. ~ tax on ,this type of Mortgage chargeable against the Lender or the holder of the Note; and (4) a specific tax on all or any'portionot the Indebtedness or on payments of principal and interest made by Grantor. " ' ,,' " ," I,': - ,', ". "'" ,'::., " _', ',' _" .,', .". _:~ ,,',: -':-', - i.- Subsequent Taxes. If any tax to which this sectiòn a'pplies, is,en5lcte8 sllb'Tequenlto'thedat~ of this Mortgage, this event shall have the same effect as an Event of Default, and Lender mqy 'e)(erc,is6 ~ny qr all pI its available remedies for an Event of Default as provided below unless Grantor either (1) pays the tax before it becomes delinquent, or (2)' contest~ the tax as provided above in the Taxes and Liens section and deposits with Lender cash or a sufficient ~9rporate su,rety bond or othersecurity~atisfactory to Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. Thefollpwingprovisiqhsi~latingtP1his Mortgage as a security agreement are a part of this Mortgage: ' " , "," ,,', '., ' ,',; '", ,.,' Security Agreement. This instrument shall constitute a Security Agreement to the extent any of the Property constitutes fixtures, and Lender shall have all of the rights of a secured party under jhe Uni,form, Commercial Code as amended from time to time. Security Interest. Upon request by Lender, Grantor shall take whàtever actiön is requested by Lender to perfect and continue Lender's security interest in the Rents and Personal Property. In addition to recording this Mortgage in the real property records, Lender may, at any time and without further authorization from Grantor, file executed counterparts, copies or reproductions of this Mortgage as a financing statement. Grantor shall reimburse Lender for all expenses incurred in perfecting or cpntinuing this security interest. Upon default, Grantor shall not remove, sever or detach the Personal Property from the Property, ,Upon default, Grantor shall assemble any Personal Property not affixed to the Property in a manner and at a place reason¡;¡bly convenient to Gr¡'II1tor ~nd Lender and make it available to Lender within three (3) days after receipt of written demand from lender to the~Xt~nt perITlitt~d by apþiic,able law, Addresses. ThemailingaddressesofGrantor(debtor)andLenâêr(se.cLJred.paity)frorn which information concerning the security interest granted by this Mortgage may be obtained (each as required'by}h~ Uniform C~mm~rcial, Code)are as stated on the first page of this Mortgage. _"\' FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to furth(Jr assurances and attorney,in,fact are a part of this ',' , Mortgage: ';', Further Assurances. At any time, and from time to tirne, uppri)eq'Ùe's( qlLender, Çìråntor will make, execute and deliver, or will cause to be made, executed or delivered, to Lender or to Lei-Ider's designee, and when requested by Lender, cause to be filed, recorded, refiled, or rerecorded, as the case may be, at such times and inswchoffices' ar'd placeséjš Le'npÚmaydeemqppropriate, any and all such mortgages, deeds of trust, security deeds, security agreements,,financing ,stat,ements, cpntinuation statements, instruments of further assurance, certificates, and other documents as may, in the 'sole opin'iOq alLender, be necessary Or desirable in order to effectuate, complete, perfect, continue, or preserve (1) Grantor's obligations under'the Note, this Mort\J¡¡ge,and the,Relàted Documents, and (2) the liens and security interests created by this Mortgage as firstàndpriqrliens éJn the PropertÝ''Nhether, now own\3d or hereafter acquired by Grantor. Unless prohibited by law or Lender agrees to the contrqryinwriting, Grantor shall mirr¡burse Lender for all costs and expenses incurred in connection with the matters referred to in this paragraph: i ¡", ,.' , "; , , Attorney-in-Fact. If Grantor fails to do any of the thinØS'r,e(~r\~9-p~i~,t.lle,'pieceding påragråph, Lender may do so for and in the name of Grantor and at Grantor's expense. For such purposes, GràntÒr:héieÞY'iirèvocably appoints Lender as Grantor's attorney,in-fact for the purpose of making, executing, delivering, filing, recording;' :¡;ì1cj idoing,all,O:ther things as may' be necessary or desirable, in Lender's sole opinion, to accomplish the matters referred to in the pr~(;e9ìng pa~awaph:,' , , '" ' FULL PERFORMANCE. If Grantor pays all the Indebtednè~twhe(1 du,e~~n~9th~r,wise ,pertorm$i!11 the qþligations imposed upon Grantor under this Mortgage, Lender shall execute and deliver to Gran~or asui¡able satisfacti.on of this Mortgage and suitable statements of termination of any financing statement on file evidencing Lender's secu~ity int'erestin the 'Rents 'and tt¡ePersonal Property, Grantor will pay, if permitted by applicable law, any reasonable termination fee as determined by L\3ndeïfrom tif11et~time,'" '..:' )' ".:., . ......... .:' .-' ""., ,-,.:- ">. EVENTS OF DEFAULT. Each of the following, at Lend~r:so~ti.ont:'i,hall,c'8nS(i\ute anE;v'y~t Defi!ult under this Mortgage: Payment Default. Grantor fails to make any paymèqt W~en due' undIJr the Indebtedness: , . ....... , .., :', .,' ", .' Default on Other Payments. Failure of Grantor \,vithi[1,the ~ilT1er~qu!r~dby'this Mortgage to ,make any payment for taxes or insurance, or any other payment necessary to prevent filing of pr to effect discharge 'of any' lien;;":! , ,¡ " Other Defaults. Grantor fails to comply with or tope~ioi~ .i;lgVåih~r'term,o,bligat¡on;60venant or condition contained in this Mortgage or in any of the Related Documents or to comply' 'NithÓr to"performany term',obli,gatiori,' covenantor condition contained in any other agreement between Lender and Grantor. ' ' ' , ',"','" Default in Favor of Third Parties. Should Grantor default under any loan, extension of crecjit, security agreement, purchase or sales agreement, or any other agreement. in favor of any other creditor or person that may materially affect any of Grantor's property or Grantor's ability to repay the Indebtedness or Granto'r's ability'to perform Grantor',s obligations under this Mortgage or any related document. . , ;i'''':''¡ , False Statements. Any warranty, representation or stá'tement m~de' or furnished to Lender by Grantor or on Grantor's behalf under this Mortgage or the Related Documents is false or misleading in any 'material respect, eithér now or at the time made or furnished or becomes false or misleading at any time thereafter.' .,I:' i", Defective Collateralization. This Mortgage or any ot'th~ >~elate.(([)Qcu~nents ,crases to be in full force and effect (including failure of any collateral document to create a valid and perfected securit~ imw~:¡toJ lien) at any time,and for any reason. Death or Insolvency. The death of Grantor, the insolvellGyof drantÇJJr,the appoirnmen~ of a receiver for any part of Grantor's property, any assignment for the benefit of creditors, any type of Çreditpr workq~t. (~r ,th\,Gomrnen,cement of any proceeding under any bankruptcy or insolvency laws by or against Grantor. ' . " Creditor or Forfeiture Proceedings. Commencement 9f Jor~clps.wre pr,forfe.iture,proç;eedings, whe.ther by judicial proceeding, self-help, repossession or any other method, by any creditor ,of, Grantor or by any goveriimental agency against any property securing the Indebtedness, This includes a garnishment of any of Grantor's açcounts, including deposi~ accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Grantor as tothß validity or reasonableness of the claim which is the basis of the creditor or forfeiture proceeding and if Grantor gives Lender written nptiçeofthe creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeitureproceèding,inapamount determined by Lf;jnder, in its sole discretion, as being an adequate reserve or bond for the dispute. ' i'.', ',C, Y'" ,J , . ", " 'F Breach of Other Agreement. Any breach by Grantoebndêrthet~r.;n;sÒ(aríY(jthei ~~reeh,entþ'¡Úì^Jeen Grantor and Lender that is not remedied within any gr¡:ce' period provided therein, inclµdirig:\'v'ithoytlif!lÚati,0n ally' agreemêilt' concerning any indebtedness or other obligation of Grantor to Lender, whether existingnÒvrQr,I~~êr.:>, ;' >" :,"', ." , ' " . , . . . ...: ' ',' '. '.' ... ". " 1; :' . . - . - , . - ',' . - 1 ~ " ";", I,.' : Events Affecting Guarantor. Any of the preceding even~s occurs vvith respect to any guarantor, endorser, surety, or accommodation party of any of the Indebtedness or any guarantor, endorser, s(jrf;jty,or accPmm9cja tiofl party, cjies .or becomes incompetent, or revokes or disputes the validity of, or liability under, any Guara~ty,q(ttie)q'dè8ted,nëss, 'h;¡, the event of.a cjeath, Lender, at its option, may, but shall not be required to, permit the guarantor's estate to',}!SSUrne Yf)çpncjiti()~a'.y the,obliga,tions arising under the guaranty in a manner satisfactory to Lender, and, in doing so, cure any Evef)(pf[)~fault;·,'»:.', "" Adverse Change. A material adverse change oçcurs,il1,,qr'!n~9r'sfjr1?ne,ial ,con,d¡'tion, or Lender þelieves the prospect of payment or performance of the Indebtedness is impaired. . Insecurity. Lender in good faith believes itself in~eciie.· ..... .,'¡:' ", ,', ., . : ,'" ,'- ,., ".' . ': ~.,. . .:.,: .. . RIGHTS AND REMEDIES ON DEFAULT. Upon the oCGurrènc~ o/¡iÖ'Event,of DE;f~ult at any time thereafter, Lender, at Lender's option, may exercise anyone or more of the following rights and 'fè'fnédies; inadditiolltq i!nyotherrights or rernèdies provided by law: Accelerate Indebtedness. Lender shall have the right at its ôption withòutnotice to Gr¡;¡ntor to declare the entire Indebtedness immediately due and payable, including any prepayment penalty.,,,!,.hiçh,,qrantorV~?u!p þereqwired to, pay., ',;'--::"'" ,;.'. ., ,,:,_.:,- -', ,,:,"," -,-,': UCC Remedies. With respect to all or any part 01 the Personal Property, Lender shall have all the rights and remedies of a secured party Loan No: 761001067 1" .. <:::.,~ ''i /~¡' .ß~~ -. ,J J.. ··,,,.·,-,..c::'3 -. "--.:J .iI;. :-'.!:"-.!!J '00481 Page 4 , ;;:?~::m¡¡j¡ under the Uniform Commercial Code, Collect Rents. Lender shall have the right, withotJt n~ticetdGranto;, to take poss~k:;ion of the Property, including during the pendency of foreclosure, whether judicial or non-judicial, and collect the Rents, including amounts past due and unpaid, and dpply the net proceeds, over and above Lender's costs, against the Indebtedness, .In fuitheranceof this right, lender may require any tenant or other user of the Property to make payments of rent or use fees directly to l~nder. If the Rents are collected by Lender, then Grantor irrevocably designates Lender as Grantor's attorney-in-fact to endorse instruments received in payment ther~of in the name of Grantor and to negotiate the same and collect the proceeds. Payments by tenants ()r .other users to lender in response to Lender's demand shall satisfy the obligations ¡,n which the payments are made, whether or not any proper gr()unds fqr the demand eAisted, Lender may exercise its rights under this subparagraph either in person, by agent, or through a receiver. " , Appoint Receiver. Lender shall have the right to have 'a reèeiveiappointedtd take possession of all or anY part of the Property, with the power to protect and preserve the Property, to pperate the Property pfE3c\Jding fore¡;losure or sale, and to collect the Rents from the Property and apply the proceeds, over and above the cost, of the .receivership, against the IndeiJtedness, The recei'-'er may serve without bond if permitted by law. Lender's right to the appointment of a receiver shall exist whether or not the apparent value of the Property exceeds the Indebtedness by a substantial amount. Employment Ly leilder shall not disqualify a person from serving as a receiver, , > , , , Judicial Foreclosure. Lender may obtain a judicial decree foreclosing Grantor's interest in all or any part of the Property. Nonjudicial Sale, Lender may foreclose Grantor's interest in all or in any part of the Property by non-judicial sale, and specifically by "power of sale" or "advertisement and sale" foreclosure as provided by statute. Deficiency Judgment. If permitted by applicable law,L~ndeF rTi'aY òbtaina judgment lor anydeficiency remaining in the Indebtedness due to Lender after application of all amounts received from tht; exercise of the rights provided in this section. . . - I Tenancy at Sufferance. If Grantor remains in possessipn ofthe Property after the Property is sold as provided above or Lender otherwise becomes entitled to possession of the Property upon::çJèfault of Grantor, Grantor 'shall become a tenant at sufferance of Lender or the purchaser of the Property and shall, at Lender's option, 'eitlìlÙ (i) pay a reasonable 'rental for the use of the Property, or (2) vacate the Property immediately upon the demand of lender.' ' . .. ' Other Remedies. lender shall have all other rights and re(nedies provided in this Mortgage or the Note or available at law or in equity. Sale of the Property. To the extent permitted by applicablelaw,Grantor hereby waives any and all right to have the Property marshalled, In exercising its rights and remedies, Lender shall be free to sell all or any part ofthe Property to'gether or separately, in one sale or by separate sales, Lender shall be entitled to bid at any public sale on 'all or any portion o/the Property. Notice of Sale. Lender shall give Grantor reasonable noticepfthiJ time and placè of any publi~ sale of the Personal Property or of the time after which any private sale or other intended dispositidn of the PersI:,Jnal Propérty is to be'made, Reasonable notice shall mean notice given at least ten (10) days before the time of the sal'î or diSp()sition. Any sa!e'of the Personal Property may be made in conjunction with any sale of the Real Property. ' '" . , "'" ',': ' ;_ ' l . Election of Remedies. Election by Lender to pursue qny remedy shall not exclude PWfsuit ofanyo.ther remedy, and an election to make expenditures or to take action to perform an obligation of, Grantor under this Mortgage, after Grantor's failure to perform, shall not affect lender's right to declare a default and exercise its remedies. Nothingunder this Mortoage or otherwise shall be construed so as to limit or restrict the rights and remedies available to lender following afi Event of Defaylt, or'in anyway to limit or restrict the rights and ability of Lender to proceed directly against Grantor and/or against Pli{_otb'erìêQ"I'Q:~k._er, guara'ntor, surety or endorser and/or to proceed against any other collateral directly or indirectly securing the Indebtedness,,,;', " I ·,.._.\I¡, Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforceariy ,of the terms of this Mortgage, Lender shall be entitled to recover such sum as the court may adjudge reasonableas attorneys' .fees·.at trial andupon any appeal. Whether or not any court action is involved, and to the extent not prohibited by law, all reaiionable expenses Lender incurs that in Lender's opinion are necessary at any time for the protection of its interest or the enforcement of its rights sh.all become a part ,of the Indebtedness payable on demand and shall bear interest at the Note rate from the date of the exp~ndirµre ufitil repaid:, Expense'?'covere,d, by,this paragraph include, without limitation, however subject to any limits under applicable l(jw, Le!ld~r'sce¡¡SPfl9bleatt?:r~~Ys', ,feé~\md ,It;fider's legal expenses whether or not there is a lawsuit, including reasonable attorneys' fees ande¡<p,enses, for b(jn~ruptcyproceedings(including efforts to modify or vacate any automatic stay or injunction), appeals, and any 'anticipai:~d'post-judgment colle~ti()nservices, the cos't of searching records, obtaining title reports (including foreclosure reports), surveyors' re'ports, and apnràisalièès"andtï'tlè.i~su;anèe, to the extent permitted by applicable law. Grantor also will pay any court costs, in addition to all.ott]ersurns' prc)Videdby'l¡¡vv' ," '", NOTICES. Any notice required to be given under this Mortgage, including without limitation any notice of default and any notice of sale shall be given in writing, and shall be effective when actually del,ivered, ,when actually re¡;eived by telefacs,imile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if mailed, vyhendeposited,in the United States mail, as first class, certified or registered mail postage prepaid, directed to the addressls shpvyn ne,!r the beginnir:g of, ttl}S Mortgage, All copies of notices of foreclosure from the holder of any lien which has priority over this Mortgag,e¡;h,aIl ,be sen,t to Lender's a(jdress, as, ~hown near the beginning of this Mortgage. Any party may change its address for notices underthis MprtgagEtby giving formal wri,ttenn,otice to the other parties, specifyin(J that the purpose of the notice is to change the party's address, For notice purposes, Grantor agrees to keep Lender informed at all times of Grantor's current address, Unless otherwise provided or required by law; if there is'mo're than one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all Grantors. "); MISCELLANEOUS PROVISIONS. The following miscellaneous' provisions are a part of this Mortgage: Amendments. This Mortgage, together with any Related DQêJh,'è'nts, ¿Ónstitutestheentire understanding and agreement of the parties as to the matters set forth in this Mortgage. No altération of or amendment to this Ivlortgage shall be effective unless given in writing and signed by the party or parties sought to be chargedor þoundpythe alteration or ,amendment. Annual Reports. If the Property is used for purpose~ other thån Grantör:s' residerice,( Grantor shall furnish to Lender, upon request, a certified statement of net operating income received from the Property during Grantor's previous fiscal year in such form and detail as Lender shall require. "Net operating income" shall mean all cash receipts from the Property less all cash expenditures made in connection with the operation of the Property. ' ' Caption Headings, Caption headings in this Mortgage ,are for convéniencepurposes only and are not to be used to interpret or define the provisions of this Mortgage. " ", ' , , Governing law. This Mortgage will be governed by federal law applicable to ~ender and, to the extent not preempted by federal law, the laws of the State of Wyoming without regard to its conflicts of law provisipns. Thi,s Mortgage has,been accepted by lender in the State of Wyoming. " " ' , ' Choice of Venue. If there is a lawsuit, Grantor agreesupon Lerider'~req\lest"tos'ùbmitto the jJrisdiction of the courts of Lincoln County, State of Wyoming. ", : , . ' ", ",,"" " " " No Waiver by lender. lender shall not be deemp.d to have waived éjny rights under this Mortgage unless such waiver is given in writing and signed by Lender. No delay or omission on the part öf lender In exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this M?ftgage, shall not pr,ejudi¡;e or constitute a waiver of Lender's right otherwise to demand strict compliance with that provision or any otherproyisiof] ()fthis f\.1brtgag,e,No prior waiver by Lender, nor any course of dealing between Lender and Grantor, shall constitute a wa¡'ver Öt' 'an'/ of, Leri'der'srìghts or' of any of Grantor's obligations as to any future transactions. Whenever the consent of Lender is requiredur;der this Mortgage, the granting of such consent by Lender in any instance shall not constitute continuing consent to subsequent instance? yvhere such ,consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender .;, "'" , ,,'1:" , , Severability. If a court of competent jurisdiction finds any proÎíisi6n of this Mortgage tobe illeg,al, invalid, or unenforceable as to any circumstance, that finding shall not make the offending' I?rovision illegal, ,invalid,or 'unenforceç¡ble as to any other circumstance, If feasible, the offending provision shall be considered modified sothat it becomes legal, v(jlid anqenforceaþle, If the offending provision cannot be so modified, it shall be considered deleted from this Mortgage. Unless othérwise required bY' law, the illegality, invalidity, or unenforceability of any provision of this Mortgage shall not affect the legality, validity or enforceability of any other provision of this Mortgage. Merger. There shall be no merger of the interest or est?tecieàte,dbyfhi?N1órtg~dè,^"ith any6ther int'erest or estate in the Property at any time held by or for the benefit of Lender in any capacity"vyitho,utthe wlitten consent 01 Lender. . .; '_.' ,," .;.... .,._,-" .: '<,'; ..-',.. ._ I ":,' ". Successors and Assigns, Subject to any limitatiorl~ stated in this Mortgage on tran,sfer of Grantor's interest, this Mortgage shall be binding ,1,)' <:_' "'2 Iii {J r:;;4~ "''. '~~.5¡L",..::t: t:..."-..Þ'l...JI (\nð82 ...) \J ..... MOFÜGÄGi: . " (Continued) Loan No: 761001067 Page 5 "-;'",'," upon and inure to the benefit of the parties, their succe'ssoisaridðssigns:,:lfÖwliership of the Property becomes vested in a person other than Grantor, Lender, without notice to Grantor, may deal with Grantor"s'st¡ècessors with reference to this Mortgage and the Indebtedness by way of forbearance or extension without releasing Grantor from the obligations of this Mortgage or liability under the Indebtedness, Time is of the Essence. Time is of the essence in the pedormance ofthi,s M'ortgage. Waiver of Homestead Exemption. Grantor hereby releasß~ ~(1dVVéjiv~Sa'¡¡ rig:~t~ aJ;1~Þ~nefits o,f the 1Omestead exemption laws of the State of Wyoming as to all Indebtedness secured by thi~ MortQijgè; . " .' '. DEFINITIONS. The follov.ing capitalized words and terms shall have the following meanings when used in this Mortgage. Unless specifically stated to the contrary, all references to dollar amounts shall mean amounts inlawfulmoney'of the United States of America, Words and terms used in the singular shall include the plural, and the plural shall include the singular, ,as the context may require, Words and terms not otherwise defined in this Mortgage shall have the meanings attributed, tb such 'term~ in thEJ U,niform Conlmercial Code: Borrower. The word "Borrower" nwans MARCIA A. SpURLOC'K andiCìclùdes allcÓ~signers and èo-makers signing the Note and all their successors and assigns. ' , " Default. The word "Default" means the Default ~etf0rth in this Mortgageinthe section titlEJd "Default". Environmental Laws. The words "Environmental Laws" mean éjny and all stpte, federal and local statutes, regulations and ordinances relating to the protection of human health or the environment, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, 42 U.S,C. Section 9601, et seq, ("CERCLA"), the Superfund Amendments and Reauthorization Act of 1986, Pub, L. No. 99-499 ("SARA "), the Hazardous Materials Transpqrtation Act, 49 U,S ,C, Section 1801, et seq" the Resource Conservation and Recovery Act, 42 U,S,C, 'Section 6901, et' seq" 'or other applicable state or federal laws, rules, or regulations adopted pursuant thereto. Event of Default. The words "Event of Default" mean any of the events of deféjult set forth in this Mortgage in the events of default section of this Mortgage. Grantor. The word "Grantor" means MARCIA A. SPURLOCK. Guaranty. The word "Guaranty" means the guaranty frorn guarantor, endor~er, surety, or accommodation party to Lender, including without limitation a guaranty of all or part of the Note: .' .,': . Hazardous Substances. The words "Hazardous Substances" me.an m,aterial:> that, be,cause of their quantity, concentration or physical, chemical or infectious characteristics, may cause or pose a present or pÖtentiijl hazard to human health or the environment when improperly used, treated, stored, disposed of, generated, manufactured, transported or otherwise handled, The words "Hazardous Substances" are used in their very broadest sense and include without limitation any 'and all hazardous or toxic substances, materials or waste as defined by or listed under the Environmental Laws, The tèrm "Hazardous Substances" also includes, without limitation, petroleum and petroleum by-products or any fraction thereof andasb;e;~tQs, Improvements. The word "Improvements" means all existing andflJtureimproveinents, buildings, structures, mobile homes affixed on the Real Property, facilities, additions, replacements and other construction on the Real Property. Indebtedness. The word "Indebtedness" means all principa'l, int~rest, arid other ~moù~ts, costs ¡md expenses payable under the Note or Related Documents, together with all renewals of, extensions 0/, mocjificarioJ;1s of, consolidations of and substitutions for the Note or Related Documents and any amounts expended or advanc~cj:by ~ßticjE!r rqjfischarge Grantor's obligqtions or expenses incurred by Lender to enforce Grantor's obligations under this Mortgage, together ~itp, !~~yrE(T~,?f) sl¡chamQunts as provided in this Mortgage, Lender. The word "Lender" means FIRST NATIONAL. BANK- VYEST,it~su,?ce,ssors anti assigns. Mortgage. The word "Mortgage" means this MortgagebetvveenGraJ;1t?r,~rld:L~Q.d~r. , Note. The word "Note" means the promissory note dated Novtimber25, 2005, in the original principal amount of $75,000.00 from Grantor to lender, together with all renewals' of; exténsionsÖf, modific'ations 'of; refinancings of, consolidations of, and substitutions for the promissory note or agreement. The maturity date ofthiTf\10rtg<;tge,i,? )?~.ua? 1,200,8. Personal Property. The words "Personal Property"rnean allEJquipmer1t"fixturés,¡¡n9',ótherartiçle~of personal property now or hereafter owned by Grantor, and now or hereafter attached9r}f~iÚcj tÒth~' R~al Pròperty;' together 'with all accessions, parts, and additions to, all replacements of, and all substitutions for, any of such property; and together with all proceeds (including without limitation all insurance proceeds and refunds of premiums) from any sale orother disposition ofth~Property. . , . Property. The word" Property" means collectivelythEjRßal prQperty éjndth~-Per¡;of1ål Pr~perty, . -.".. - '", . " :'- ", '.' .-: -: _ _: , ~. .'. ,"', ',' -. : . ....', .¡'. Real Property. The words "Real Property" mean the real property, interestsand'rights,as further described in this Mortgage. Related Documents. The words "Related Docuroents'" mean 'all' ptòmissolY notes, 'c'redit agreements, loan agreements, environmental agreements, guaranties, security agreements, mortgages, deeds of trust, secl,Jrity deeps, collateral mortgages, and all other instruments, agreements and documents, whether now or hereafter~xisting, ,yxecuteq inconnectiQf] with,~h~lndebtedness. Rents. The word "Rents" means all present and future rent~,,re~er1u'~s,)ncoine, issl,Jes, rOY,~ltiès, profits, and other benefits derived from the Property. '" ' GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS TERMS. GRANTOR: ~g~ INDIVIDUAL ACKNOWLEDäMENT STATE OF WYOMING COUNTY OF LINCOLN On this day before me, the undersigned Notary Public, personaliy' âppeareèJ, MÅFíÒA A, SPURLOCK, to ,me known to be the individual described in and who executed the Mortgage, and acknowledged that he ocsh~sißned the Mortgage as his or her frée and voluntary act and deed, for the uses and purposes therein mentioned. ' , ", G~frah-d' r my hand and offi . I seal this ~~ Notary pu~and f r he State of ,~ '. ~-. ) 25th Nov'ember ,20 05 " ;~;::' LincO]n County ';';"',, . ..,; ryry c,ömmissÎon 'eXpires September 18. 2007 \'.'.' ,I"~· " '-'" : LASER FRO Landin!]. V"I. 52900,002 ,C~pt, Ht~!~f\dJi0~nTi.~r'S¡:>I~!.íOIl:;-. !~c. l~il1, 2~O.5; All Ri~h!. R,,~,,!,<:~ .. Wy O,:\CFI\L.~L\q03FC TA'41.5